Firstrade Customer Reviews

Customer's Rating: brokerage firms reviews

Firstrade brokerage client reviews 2017: complaints and positive feedback, pros and cons. Is the firm good/safe/worth to invest?

  • Stocks & ETFs: $6.95
  • Options: $6.95 + $0.75 per contract
  • Mutual Funds: $9.95

Minimum to open: $0 for a cash account.
Open an account: Open an account with Firstrade. .
More: Firstrade Review »

Firstrade Trading Commissions

  • Stocks/ETFs: $6.95 for stocks at or under $2 and trades with over 5,000 shares, add 0.5 cent per share for the entire order
  • Options: $6.95 + $0.75 per contract
  • Mutual Funds: $9.95

Firstrade brokerage is a member of FINRA (Financial Industry Regulatory Authority) and SIPC (Securities Investor Protection Corporation).

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Firstrade Customer Reviews

by Wolsen, 8/26/2015

Pros:

Cons: Takes a lot of work to try open an account

It seems they have automated email responses which are not monitored by their back room staff. After a few emails and providing numerous completed forms and providing I.D etc I was informed by three separate emails that I had successfully opened an account and should fund the account. Tried to fund the account with electronic bank transfers and required more forms to be completed and wait for email with code to proceed. In the meantime received an email saying they couldn't open my account because I was in the Bahamas even though I disclosed this from the outset. Then received another email saying my account was open followed by automated email telling me to expect my code to fund the account within 1-2 days. Forget it! I will take my investments to someone who actually wants my business and doesn't treat me like I am a criminal because I retired to the Bahamas.

by I mean just...wow, 11/26/2013

Pros:

Cons: unskilled reps, pour customer service, high fees

"College Dorm" LOL! Thanks Douglas, that really was hilarious and apropos. I rolled out of my chair when I read that. However, you give them too much credit, I think more like a High, no Junior High school immature level of customer service. I imagine after they hang up on you they all giggle like school kids and say to each other, wow, we really made him to lose his money today, heehee! These guys are so bad it is almost worth having an account just so you can LAUGH AT HOW INCOMPETENT THEY ARE. Of course it's more expensive than a comedy show and hard to laugh while your sitting on hold, or stuck in an online chat (the 'chatters' at 1strade BTW NEVER answer any questions and tell you you must call in because they can't speak about specific accounts...that's funny, other brokers seem to have no problem putting in a security system that allows chat reps to discuss your account, why can't firstrade? )

Hey, here's an idea, stop offering free trades and instead use the money to improve service, allow REAL online chat with answers specific to your account and lower your commissions - then I MIGHT come back.

by Donna, 11/26/2013

Pros:

Cons: incompetent and slow workers

Oh my gosh! I can't believe how bad Firstrade is. I was trying to rollover money into my existing account with them and asked for their guidance on how to proceed. They misguided me EVERY step of the way causing close to a month of delays. Each interaction with them was slow and like pulling teeth. I am moving all my money out of my IRA because it is obvious that their incompetence could do more harm to my account than I realize in the long term. BEWARE OF THIS FIRM - THEIR INCOMPETENCE COULD CAUSE YOU HARM.

by Douglas, 11/26/2013

Pros:

Cons: HORRIBLE CUSTOMER SERVICE, non-professional staff

STAY AWAY !!! You have been warned. As of July 29, 2013, I am a customer of Firstrade and trying to get my money out of this company. Just horrible customer services. Is this company operating out of a college dorm? I have never in my 25 years of trading come across such a terrible company.

by Josh, 11/26/2013

Pros:

Cons: horrible company, customer's money diappears

Horrible company. I opened an account with them in 2007, but lately they have been getting horrible and stealing my money. I did not have a margin account, or day trade. I just made regular purchases for my Roth IRA. All of a sudden this year they started stealing money from me. I would have money in my account, and I would make a trade for an amount much less than my balance. I always keep a cushion in my account in case I had to exit a position quickly. After the trade went through, my entire account balance would be gone, and I would have a cash call. If you have a balance over $2k and make a purchase for $1800, you should still have money left in your account. Not according to Firstrade. They made me pay off cash calls twice. And after much complaining, some but not all of the money magically reappeared. So I transferred my account to Scottrade. I made a deposit to cover their transfer fee, and they switched over my account, but kept all my cash money. They also did not transfer all of my positions. I know that fractional shares cannot be transferred, however, they shouldn't just disappear all together without getting any credit for it. They said I have to wait 60 days to get the money back. I know they are lying, because my wife did a deposit the same day as me. Put in to have her account transferred to Scottrade two days after me, and somehow her entire account, including all cash was transferred. Her old Firstrade account shows a $0 balance, so the waiting for 60 days is BS. I have tried talking to their CSRs on the phone, online chat, and e-mail and they are as helpful as a bag of hammers. I cannot recommend them at all for anything.

by Ronald, 11/26/2013

Pros:

Cons: Awful customer service, a lot of paperwork is laid on a customer, high fees...

Had an account for with them for two years, changed in hope of less fees for my IRA, Screwed me enough out plenty of money and time.
Negatives:
-You have to send a bunch of paperwork to them at your own cost to finish setting up account.
-Have to send basically documentation of your life history to set up ACH; you have to do it every year
-Awful customer service
-Takes over a week for them to cash checks you send (I wasn't willing to send my BANK STATEMENTS and DRIVERS LICENSE to them to set up ACH)
-Won't accept billpay checks sent from your bank for over $5,000
-Charge $35 for ANYTHING they have to do
-If you max out your Roth IRA and send money for the next year's they "don't know where to apply it" and charge you $35

NICKEL AND DIMED ENOUGH by these losers

by Ronald, 11/26/2013

Pros:

Cons: Awful customer service, a lot of paperwork is laid on a customer, high fees...

Had an account for with them for two years, changed in hope of less fees for my IRA, Screwed me enough out plenty of money and time.
Negatives:
-You have to send a bunch of paperwork to them at your own cost to finish setting up account.
-Have to send basically documentation of your life history to set up ACH; you have to do it every year
-Awful customer service
-Takes over a week for them to cash checks you send (I wasn't willing to send my BANK STATEMENTS and DRIVERS LICENSE to them to set up ACH)
-Won't accept billpay checks sent from your bank for over $5,000
-Charge $35 for ANYTHING they have to do
-If you max out your Roth IRA and send money for the next year's they "don't know where to apply it" and charge you $35

NICKEL AND DIMED ENOUGH by these losers

by Sace, 11/26/2013

Pros:

Cons: terrible customer service and scam, high fees

Used same bank account since opening fund... All of a sudden on a large withdrawal, no dice. Bank stated that Firstrade made an error on the transaction, yet I was charged a $35 fee. Now Firstrade says they need copy of bank statement and copy of id to transfer funds. When asked why I was not notified of this, the rep stated that they did e-mail but there is no record of such e-mail. Gave me a fax # and hung up on me. Terrible terrible customer service and a scam. Avoid at all costs!

by Karl Pritsky, 11/26/2013

Pros:

Cons: poor customer service

Firstrade may be having cash flow problems. I'm trying to withdraw my funds but they keep stalling with bogus rules that do not apply to my funds. And yes, their customer service reps are mindless drones right out of Idiotocracy. My top investing priority right now is getting out of Firstrade before they crater.

by David, 11/26/2013

Pros:

Cons: incompetent staff, unreliable company

"Our clearing firm, Penson Clearing, received an extension for 1099 preparation and delivery is scheduled for March 1st. We apologize for the delay and will notify you via email as soon as the 1099s become available"

This is posted today, 2/17/12, on Firstrade's website, I hope you think about it for a moment If you would like to open a new account or continue to stay with this company. Brokerage firms usually have 1099 ready by the end of Jan or early Feb, would you like to wait until March to get your 1099 and then do your taxes?

Instead of focusing on prices or free trades, research how well are their products and services. According to previous review from Jan Robinson, "Their customer service people simply man the phones and know nothing about trading or investing". I wanted to find out myself and just had a conversation with Firstrade's customer service. It's true that they don't know about trading and don't seem to care about you. March 1st date and clearing firm received an extension are just excuses, just remember that excuses are tools of incompetence that build monuments of nothingness. Thanks for all previous reviews to show this company is unreliable and after seeing the delay of 1099 on their website, I decided not to open an account at Firstrade.

by Robin, 11/26/2013

Pros: partial share DRIP

Cons:

If by partial share DRIP, you mean that the entire dividend gets dripped and not just full shares, FT does that. I've been dripping several positions for a number of years and partial shares are always dripped.

by Robin, 11/26/2013

Pros:

Cons: absence of "special margin" privileges for IRA's, high fees

I've been with FT since 2000 and I'm actually quite happy with them except for two things: 1) some of the fees are high -- options trading, assignment, and exercise, and the extra fee for stocks trading below $1 are too high IMO, and 2) they don't offer "special margin" privileges for IRA's which restricts the sort of trades one can do. For example, I'd like to sell puts and can't do it. Looking to possibly switch to a cheaper broker but I'm sort of hesitant to do so since I've been pretty happy with these guys and haven't yet found an alternative that wouldn't mean giving up at least one of the things I like at FT. For example, OptionsHouse has cheaper fees but only allows full shares to be dripped.

by Florida Panhandler, 11/26/2013

Pros:

Cons: problems with downloading mounthly statements

3rd month in a row that I have had problems downloading my monthly statements. It always seems to be my problem. For the most part I have been satisfied with FT since I only need basic broker services for my Roth - but I am researching for another broker that offers partial share DRIPs and trailing stops. Any suggestions appreciated.

by Jan Robinson, 11/26/2013

Pros:

Cons: terrible customer service

Their customer service people simply man the phones and know nothing about trading or investing. At least when you call Merrill or Schwab, they are very well versed in all aspects of trading. Not recommended -- Got sucked in with their 250 free trades offer. Was not Worth it. Look elsewhere. And the 1/2 cent surcharge for stocks under $2.00 is not limited to block trades over 5,000 anymore. That hurt me, too.

by Unhappy FT customer, 11/26/2013

Pros:

Cons: late statement granting to customers

Not to mention that its now Jan 11th, and they still don't have December statements, and reps can't commit to when they will have them. Other brokerages I use had statements a week ago. What a slipshod operation....

by Eran, 11/26/2013

Pros:

Cons: unsecure broker

I've had an account with FT for 4 years, but now I'm looking for a new broker. It used to be fine as long as they cleared through Ridge, but now that they clear through Penson I don't feel safe anymore.

by Firstrade customer, 11/26/2013

Pros:

Cons: Very unreliable service.

Price of transaction is not everything.
Avoid them because today they just lost transaction I successfully made yesterday. They put notification 43 minutes after market opening that they have technical problem with some accounts.
When they apologize for the inconvenience I lose money because I was not able to sell in moment I wanted and I still can't do that.
Honestly I am now very suspicious about my cash balance. Like, whoops we deleted your $5k ,sorry for inconvenience, our bed.
Very unreliable service.

by Depositor, 2/12/2013

Pros:

Cons: No in house IT Dept, and Broken Website

I have never been able to access my account, since opening it up. It has been over a week, and the user name and password doesn't work. The password reset feature doesn't work as well. After calling the call center supervisor, he indicated that no one has ever had a complaint with their website, and he sounded real reluctant to forward our complaint on. Subsequent complaints were unanswered. However, a call center respondent indicated he had at least six complaints since starting his evening shift.

This place is really slow, and not too concerned about performance. They allege to charge a $50 fee to transfer out, which is a bit petty, considering we have never had access to our money. I advised them earlier today to fix the website, or waive the $50 fee for transferring out.

There are other things I like about the company, and their new accounts department appears to do a decent job of explaining things, but the trades are really slooooow.

Leading U.S. Brokerage Review Websites About Firstrade

"Firstrade offers a variety of investment options to help you build your portfolio. Prices for online trading and broker-assisted trading are competitive when compared to other online stock brokers. Extended trading hours is a unique feature that allows you to place your trades before the market opens or after it has closed. The trading platform is simple and available on iPhone and Android apps."

TopTenReviews.com

"While Firstrade lacks a feature-rich platform, the broker maintains a clean website and offers its clients the basics to maintain a long-term portfolio."

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Brokerage reviews from customers/users/consumers. Broker ratings, promotional codes, scam reports/complaints, pros and cons, stocks, options, ETFs, mutual funds trading/invseting commissions/fees for 2017. Consumer opinions and feedback on brokerage services.
Firstrade Customer reviewed by TopRatedFirms.com users. 18 customer reviews. Rating: 2.